Bank of New York v. First Millennium, Inc.

MEMORANDUM OPINION AND ORDER

HAIGHT, Senior District Judge.

In this interpleader action, several groups of investors and the Federal Deposit Insurance Corporation (“FDIC”) assert competing claims to funds held by The Bank of New York (“BNY”). BNY holds those funds in its role as Indenture Trustee of the NextCard Credit Card Master Note Trust (“NextCard”), a trust that was established by NextBank, N.A. (“Nex-tBank”) as part of a securitization transaction. The investors — -First Millennium, Inc., Millennium Partners, L.P. (together, “Millennium”), and RMK Advantage Fund (“RMK”) — claim they are…